Proceedings of The International Conference on Research in Business, Management and Finance
Risk Analysis in the Management of Two Festivals
Amalia Cristina Nedelcuț and Răzvan Liviu Nistor
This research aims to identify the potential risks in organizing two festivals which share a similar coordinate: the mediatisation of Romanian musical compositions. The Trio Transilvan Festival preserves, recovers and promotes the traditional Transylvanian creations, whereas the Cluj Modern Festival is present in the field of contemporary music as a first stage for promoting the local cultivated creation. The prevention and limitation of risk factors concerning the two events provided the motivation to organize a survey which consisted in a questionnaire applied to the organizers: institutions, managers, financial officers, staff from the arts secretariats, sponsors. Following the statistical processing through the SPPS software, we were able to establish correlations between the risk perception of the two events in relation to several potential risk factors: strategic, operational, financial, commercial, environmental, the dependence on the audience, on human resources. The results revealed that the organizers of the Cluj Modern festival identify higher risks compared to those staging the Trio Transilvan, with the prevalence of such risks determined by the insufficient human resource and the economic factors. One of the elements contributing to the perception of risk situations is the dependence of the festival’s effectiveness on audience participation along with the specific venues, as environments differentiated according to the artistic offer may bring about additional risks. The assessment of the type of risk faced by the organizers of the two events is to lead towards the inclusion of the risk analysis in management practices so as to create interventions to limit their effects.
Keywords: correlation, events, music, risk factors, survey.